The Path To 2400 Goes Through...The bottom was on track timewise from my last analysis, however, the bottom was not as low as projected. Intermediate wave C inside of Primary wave B ended higher than I would have liked but 86% retracement of an A wave in an overall corrective wave is not unusual. Here is the estimated path to the high. Analysis of historical data has Primary wave C lasting 34-67 days. The path for 67 days is laid out here in which the final top flirts with 4400 around June 16, 2023.
I will re-look at the path as each of the 5 Intermediate waves finalize. Typical catalysts could be the Fed and CPI numbers, however the debt ceiling deadline falls in line with the top. I have zero doubt we are heading for the worse part of this correction, but the path is likely through 4400 first.
